SBR to simplify business to government reporting

On 1 July 2010, the Australian Treasury alongside the Australian Securities and Investment Commission (ASIC) and the Australian Tax Office among other government agencies announced the launch of Standard Business Reporting (SBR).

Reckon is committed to reducing complexity for business and has announced that more than 400,000 Australian QuickBooks users will soon be able to access SBR technology to perform BAS lodgements.

“Our SBR-enabled QuickBooks is planned to be released to a selected number of our Accredited Partners later this month. This group will validate the product in real world use before we release it to customers generally,” said Reckon Limited’s Business Division CEO Gavin Dixon.

Reckon has a long-term commitment to supporting SBR with future electronic document lodgement capabilities of forms such as company returns being made available as soon as possible.

There is no mandatory requirement to adopt SBR into business reporting, it is a voluntary measure. Businesses which do incorporate SBR into their business will benefit from:

·          removing unnecessary or duplicated information from government forms

·          using business software to automatically pre-fill forms

·          adopting a common reporting language, based on international standards and best practice

·          real-time feedback from agencies on submissions

·          making financial reporting a by-product of natural business processes

·          providing an electronic interface to agencies directly from accounting software, which will also provide validation and confirm receipt of reports

·          providing a single secure online sign-on for users to all agencies involved.

Click here to view Reckon’s recent announcement regarding SBR.

For more information about SBR visit www.sbr.gov.au

This article is provided for information purposes only. Reckon Docs Pty Ltd (formerly Reckon Espreon) does not provide legal, accounting, financial, investment or other advice and you should seek such advice before acting in reliance on any information in this article.